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Stronger economic growth and a decline in the overall unemployment rate has led to a predicted increase in income levels across Asia Pacific, including in Singapore.
According to the 2013-14 Asia Pacific Salary Budget Planning Report by Towers Watson, salaries in Singapore are expected to rise by 4.3% after allowing for inflation in 2014.
This predicted increase was, however, found to be lower than the average regional expected increase in pay of 6.9%.
The survey, which drew on approximately 2,000 sets of responses covering 18 countries in the Asia Pacific region, highlighted salaries in China and Cambodia are forecast to rise the most at 5.2% and 4.1% respectively after inflation is taken into account.
These figures mark the countries as those with the highest growth in income levels.
“In most cases, we’ve revised our salary forecasts modestly lower from our forecasts back in October 2013 mostly because clients now have a much better sense of the 2014 actual budgets and inflation is expected to be lower than previously thought.” Sambhav Rakyan, data services practice leader, Asia Pacific, Towers Watson, said.
The report also highlighted salaries in New Zealand and Japan will rise the least, at 3% and 2.3% respectively.
“The survey was set against a regional backdrop of annual inflation, which changed little from 2013 at 4.1%, stronger economic growth, and a decline in the overall unemployment rate,” the report stated.